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ARE112
Final 2012
| Question | Answer |
|---|---|
| Transaction Cost | Cost of making an economic exchange. Cost of participating in market |
| Cost of Uncertainty | Chance or speculation that price of asset will change |
| Bounded Rationality | Rationality is limited by information, intelligence, and time |
| Incomplete Contracts | When you don't fully comply with contact, exceptions are made |
| Classical Management | Careful selection and training of workers |
| Scientific Management | Taylor. Select workers to fit the job |
| Bureaucracy | Weber. What you know not who you know |
| Administration of the Firm | Foyal. Planning, Organizing, Command, Control, Unity of Command (nobody has more than 1 boss) |
| Anthony's Management Hierarchy | Stategic Planning>Management Control>Operational Control>Organizational Members |
| Behavioral Management | Easier to change organization than people. Fit job to person |
| Theory X and Y | X: people do not want to work and need to be led Y: people want to work and are creative |
| Maslow | theory of human needs |
| Management Science Approach | Apply quantitative tools and mathematics to management issues. Rely on Technology. learning organization, contingency thinking, systems approach, total quality management |
| Value Proposition | what the customer gets in exchange for what the customer gives up. and the relations between organizational strategy and operations |
| Buy Side | predictable professional. acquire resources |
| Sell Side | chaotic, incomplete and uncertain info. when we sell to customers |
| Macro vs. Micro Problems | macro: important, micro: urgent |
| Value Beliefs and Behaviors | belief NOT equal value. belief: thought that has some factual base value: beliefs you want to be true behavior: driven by values |
| MECE | Mutually Exclusive Collectively Exhaustive |
| Incremental Change | Small Adjustments made towards End Goal |
| Driving Forces for Transformational Change | Globalization, Rapid change in technology, change in consumer demand, Change in supply of raw material, shifts in info, competition |
| Targets for Transformational Change | Tasks, People, Culture, Structure, Tech |
| Types of Conflicts | Substantive: Outcomes Emotional/Relationship: way people work together Dysfunctional: hurts task performance |
| Why change Occurs | Unhappy with present situation External Pressure for change Momentum to change |
| Threats to change | Degree of change, Time Frame, Job security, threat to power, disturb social networks, disturb routine |
| Types of Power | Coercive: power to punish Legitimate: given power by authority Expert: from exclusive special skill or knowledge Referent: from admiration or respect |
| Decision Making | The process by which managers respond to opportunities and threats by analyzing options and making determinations about specific organizational goals and courses of action. |
| Structured/Programmed decisions | pre planned |
| Unstructured/unprogrammed | not pre planned |
| Line Functions | decision making areas of an organization associated with its daily operations |
| Staff Functions | advisory and support function provided to line emlpoyees |
| 4 Ps | Product, Price, Placement, Promotion |
| BCG Growth/Share Matrix | Star, Cash Cow, Dog, ?, Market Share, Market Growth |
| Porter's Five Forces | industry competitors, potential entrants, substitutes, suppliers, buyers |
| Balanced scorecard | vision strategy, Financial, IBP, learning and growth, customers, incentive.target.measure.objective |
| Value Chain | Primary Activities, Support Activities |
| Primary Activities | Inbound/outbound logistics, Operations, Marketing and sales, Service |
| Support activities | HRM, technology, procurement, Firm Infrastructure |
| StakeHolders | person, group, member who can affect or is affected by organization and has interest in work by varying degree and authority |
| Reach of Organization | Everything the organization affects |
| Principal Agent Theory | Principal hires Agent but does know if agent is actually doing the work to get to a result. |
| Ethics | Societal: how members of society should interact Occupational: standards or behavior for a profession or trade Organizational: Guiding practices for managers to view their responsibilities to stakeholders Individual: pers. std/values on how to co inter |
| Rules and Framework to solve ethical dilemma | Utilitarian Moral Justice Practical |
| Utilitarian | Greatest good for greatest amount of people |
| Moral Rights | Protect Fundamental Rights and privileges |
| Justice Rule | Fair and equable distribution of benefits and harms |
| practical Rule | business model: you only make decisions that you would disclose to the public |
| Trust, Reputation, MIssion, Vision, Creativity | what does this explain? |
| Focus of creativity | Productivity, new products, new structures |
| Innovation | applying new ideas |
| General Theories of Leadership | Characteristic/trait Behavioral/psych situational/contingency functional leadership |
| Characteristic/trait | action and task oriented |
| Behavioral/psych | need for power and accomplishment, low need for friends or affiliation |
| Situational/contingency | times and conditions produce leaders |
| Functional leadership | w/e is necessary to group need is taken care of. leader can say they did their job well when they contributed to group effectiveness |
| Leadership | A process inspring others to work hard to accomplish a goal |
| Integrity Line | Want to be: Honest, Consistent, Humble, Selfless |
| Styles of leadership | Autocratic, Human Relations, Lassiez-Fair, Democratic |
| Autocratic | Command control |
| Human Relations | People over tasks |
| Laissez-Fair | Do the best you can without bothering me |
| Democratic | People and tasks together |
| Management Process | organizing planning controlling |
| Types of control | Feed Forward, Feed back, Concurrent |
| Feed Forward | make sure right resources and direction are set |
| Feedback | make sure final results meet desired outcomes |
| Concurrent | make sure right things are being done |
| Contingency thinking | no best way to manage, have to be flexible |
| Entrepreneurial Gap | Control vs. accountability |
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